Your Company makes a single product. Only one kind of direct material is used to make this product. The company uses a standard cost system. The company's cost records for June show the following data: Number of units produced . 10,000 Material price variance. $8,400Unfavorable Material quantity variance. $8.000Favorable Actual direct material used . 21,000pounds Direct materials standard price. S8per pound The standard cost of direct material for one unit of output is: O $16.00 O S 2.20 O $17.60 O S 8.00

Your Company makes a single product. Only one kind of direct material is used to make this product. The company uses a standard cost system. The company's cost records for June show the following data: Number of units produced . 10,000 Material price variance. $8,400Unfavorable Material quantity variance. $8.000Favorable Actual direct material used . 21,000pounds Direct materials standard price. S8per pound The standard cost of direct material for one unit of output is: O $16.00 O S 2.20 O $17.60 O S 8.00

Name: Your Company makes a single product. Only one kind of direct material
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Description: Your Company makes a single product. Only one kind of direct material is used to make this product. The company uses a standard cost system. The company's cost records for June show the following data:Number of units produced.10,000Material price va

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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on normal capacity and assuming factory overhead variances are not (3) Absorption costing, using actual prime cost and applied factory overhead, based 7. Comparison of direct costing to absorption costing. Hubert Corporation's (CGAAC adapted) prorated. 7. Comparison of direct costing to absorption costing. Hubert Corporation November income statement, based on direct costing, is as follows: $2,400.000 Sales (100,000 units @ S24).. . Variable cost of goods sold (100.000 units @ $12.. Contribution margin. . Less fixed expenses: 1.200,000 $1,200.000 $600,000 Factory overhead.. Marketing and administrative.... Operating income... 400,000 1,000,000 $ 200,000 Normal capacity for November is 150,000 units, with 145,000 units produced in November. Required: (1) Prepare the November income statement on an absorption costing basis, with applied factory overhead based on normal capacity and any over- or underapplied factory overhead closed to Cost of Goods Sold. (2) Reconcile and explain the…
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PRESENT YOUR ANSWER AS: (10) IF FAVORABLE OR 10 IFUNFAVORABLE. The Standard manufacturing corporation uses a standardcost system in accounting for the cost of its only product.The standard cost per unit (based on 10,000 unitsproduction) was set up as follows: Direct materials, 10 kgs@P11/kg.; Direct labor, 8 hours @ p50 per hour; Factoryoverhead, 8 hours @ P15 per hour. The following data onthe operations appear in the company's record for themonth of July: Units completed during the month, 8,000units; units in process at the end of the month, with 100%materials but half completed, 1,000 units; Direct materialsused, 95,000 kgs @ P10 per kg; Direct labor, P3,510,000 ata rate of P54; Actual overhead for the month P985,000.Compute for the Variable efficiency variance. Indicate whether favorable or unfavorable.
5.A manufacturing company uses a standard costing system for its product. The company uses a standard of 4 Direct Labor Hours per unit. Selected results for the most recent period are provided below: Budgeted Production 3,800 units Actual Production 2,300 units Actual Direct Labor Cost $20170 Labor Rate Variance 3,620Favorable Labor Spending Variance $3,750 Favorable G. Based on this information, actual Direct Labor Hours were: Answer. (Click to select)
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